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Rising oil prices drove commodity market sentiment, overnight Lun aluminum closed up $11 to 1598 hit a nearly five-month high, but the high pressure increased, intraday Shanghai aluminum or consolidation, is expected to rise slightly
.
Recently, crude oil prices have soared, U.
S.
oil hit the highest close since late December, commodity market sentiment was driven, overnight Lun aluminum closed up $11, the latest quotation of $1598 hit a new high since early October last year; Today's Shanghai aluminum opened high, the current month 1603 contract opened at 11380 yuan, up 65 yuan, 9:20 Shanghai aluminum 1603 contract latest price was 11375 yuan, up 60 yuan; The market digests the recent good, but the continuous rise of Shanghai aluminum has also gradually increased the upward pressure, and there may be consolidation demand
in the short term.
The latest inventory of London Metal Exchange (LME) on the 8th was 2,804,700 metric tons, an increase of 6,450 metric tons over the previous trading day's inventory, and the latest inventory of aluminum alloy was 16,100 metric tons, unchanged
from the previous trading day's inventory.
Yesterday's spot aluminum prices in the domestic market remained stable, AOO aluminum ingots reported 11230-11270 yuan / ton, the average price was 11250 yuan / ton, up 10 yuan / ton, and the AOO aluminum ingot price in East China of Chalco was reported at 11410 yuan / ton, up 100 yuan / ton; Short-term spot aluminum prices continue to rise, some refiners are reluctant to sell, but the overall market demand is limited, the rise may be difficult to last, today's Shanghai aluminum consolidation, is expected to spot aluminum slightly rise
.
The annual report of the Ministry of Industry pointed out that Venezuelan aluminum production continued to decline in 2015
.
Venezuelan aluminum (Venalum) is the largest aluminum plant in Latin America, with a total metal production of 90,795 tons
last year.
This represents a decrease of 15%
compared to 2014.
Last March, Venalum said the company had to reduce the purity
of its products because of its financial crisis.
At the same time, production costs
are reduced.
Venalum has an annual production of 430,000 tonnes and the country's government owns 80
%.
The rest is owned
by the Nippon Foundation.
75% of the company's production is exported to the United States, Europe and Japan
.
